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Resale Markets and the Assignment of Property Rights

Author

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  • Jehiel, Philippe
  • Moldovanu, Benny
Abstract
An indivisible good is to be consumed by one of several agents. The consumption involves identity-dependent externalities to the non-consumers. Resale markets for such goods are analysed in various institutional settings with complete information, assuming the agents cannot commit to future actions. It is shown that the laissez-faire institution results in final outcomes that are welfare-equivalent irrespective of the initial structure of property rights. The final outcome need not be socially optimal, however. While the independence result is in the spirit of Coase, the inefficiency result shows that the independence and efficiency properties are logically unrelated.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jehiel, Philippe & Moldovanu, Benny, 1997. "Resale Markets and the Assignment of Property Rights," Papers 97-05, Sonderforschungsbreich 504.
    • Handle: RePEc:mnh:spaper:17040
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    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D62 - Microeconomics - - Welfare Economics - - - Externalities

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